GSFA Home Buyer Loan Program

Get Down Payment and Closing Cost Assistance to Help You Buy a HomeDown Payment Assistance — NOT Limited to First-time Homebuyers

What Can the GSFA – Golden State Financial Authority Platinum Program do for Homebuyers needing Closing cost and down payment assitance?

Down Payment Assistance through the GSFA Platinum Program may help you to purchase a home sooner than you thought possible. Consider what $10,000, $20,000 or even $30,000 could do to help you purchase a home. Read below to learn more about the program, qualification guidelines, terms and conditions of the assistance and how to get started.

The GSFA – Goldent State Financial Authority – Platinum Program helps low-to-moderate income homebuyers in California purchase a home by providing down payment and/or closing cost assistance (DPA).

  • GSFA Platinum Overview   ‹ 
  • Program Index   ‹ 
  • Provides Down Payment Assistance in the form of a Gift or Forgivable Second Loan

Program Highlights

  • Financial assistance up to 5.5% of the First mortgage Loan amount
  • Assistance can be used towards down payment and/or closing costs
  • Homebuyer doesn’t have to be a first-time homebuyer to qualify
  • Perfect credit not required. FICO scores as low as 640 can qualify
  • DTI’s up to 50% allowed in some circumstances
  • 1-4 unit residences, condos, townhomes and manufactured homes allowed
  • Flexible income limits (low-to-moderate income)
  • Various first mortgage loan types available to fit the needs of the homebuyer (FHA, VA, USDA and Conventional financing)

The GSFA Platinum Program – Making a difference for California Homebuyers

Does the DPA Have to be Paid Back?

For many homebuyers, the assistance is provided as a zero percent Second Mortgage. The Second Mortgage accrues no interest, has no monthly payments and is completely forgiven after three (3) years from the close of escrow.

For Platinum “Select” qualifying homebuyers, the assistance is provided as a gift, that never has to be repaid. FHA Energy Efficient mortgage loans, USDA guaranteed home loans, along with a variety of public safety and education occupations, can qualify the homebuyer for DPA as a gift.

How Does a Homebuyer Apply for GSFA Platinum?

First, the homebuyer(s) must meet GSFA’s specific qualifying guidelines for the Program which include the following(1):

  • Borrower must meet income-eligibility.
  • Property being purchased must be used as a primary residence.
  • Minimum FICO is 640 | Maximum DTI is 45%.

GSFA Platinum is designed to be flexible and accessible, which is why it is not not limited to first-time homebuyers. Whether someone owned a home in the past or not, they can apply for the Program.

Second, the homebuyer(s) must apply for the Program through a GSFA Platinum Participating Lender and meet all the qualifying guidelines for the type of mortgage loan being used to finance the purchase of the home.

Conventional, FHA, VA, and USDA 30-year mortgages are allowed. Current interest rates and APRs are available through a Participating Lender.

(1) Certain restrictions apply on all programs. See a GSFA Platinum Participating Lender for complete program guidelines, current interest rates, loan applications, applicable fees and annual percentage rates (APRs.)

GSFA is not a direct lender and relies on a vast network of Participating Lenders to process loan applications for the GSFA homebuyer assistance programs, furnish current interest rates and APRs.


 Lender Participation Guide

The Participant Guide furnishes Lenders (and real estate professionals) with complete program guidelines and an understanding of the steps to be taken to process loan applications for the GSFA Platinum® Program. Information in the Participant Guide is intended for mortgage professionals only.


Quick Links

GSFA Platinum Program

Down Payment Assistance — Description and Terms

Does down payment assistance seem too good to be true? Are you wondering if the assistance provided through the GSFA Platinum Program is a gift or a loan, or if you need to repay it, and if so, when? These are all great questions and we are here to help you understand the types of assistance available and the respective terms of each option.

Browse the information below for an overview of the various types of assistance available through GSFA Platinum. Then when you are ready to get started, or if you have questions about your specific financial circumstances, talk with a Participating Lender. Our Lenders will help you determine which GSFA down payment assistance program and/or option will best fit your needs.